Weekly oil storage data from the US Energy Information Administration:

  • Prior was +8028K
  • Gasoline inventories -1137K vs -1050K expected
  • Prior gasoline drawdown was -1518K
  • Distillates -2951K vs -1765K expected
  • Refinery utilization 1.20% vs 0.08% exp

The API data released late yesterday showed a 4.1 million barrel build in supplies so the market was probably priced a bit higher than the 3560K 'consensus'.

Oil is higher after the number, up about 4% on the day. The big draw in distillates, however, isn't great news for oil bears.

Crude was hit with a big bid in the past hour. There is chatter about low liquidity.

Update: Oil above $45 to a session high.